ULBI · Ultralife Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $191.16M | $164.46M | $158.64M | $131.84M | $98.27M | $107.71M |
| Cost of Revenue | $145.14M | $122.14M | $119.44M | $102.44M | $73.63M | $78.55M |
| Gross Profit | $46.02M | $42.31M | $39.20M | $29.40M | $24.64M | $29.16M |
| R&D | $10.40M | $8.27M | $7.53M | $7.08M | $6.83M | $5.95M |
| SG&A | $29.34M | $24.08M | $22.19M | $22.19M | $17.78M | $17.51M |
| Total Operating Expenses | $51.92M | $32.35M | $29.73M | $29.27M | $24.61M | $23.46M |
| D&A | $3.98M | $3.13M | $3.91M | $4.46M | $3.54M | $2.94M |
| Operating Income | ($5.90M) | $9.96M | $9.47M | $129.0K | $35.0K | $5.70M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($2.45M) | $1.89M | $1.95M | ($326.0K) | $79.0K | $1.69M |
| Net Income | ($5.90M) | $6.31M | $7.20M | ($119.0K) | ($234.0K) | $5.23M |
| EPS - Basic | ($35.00) | $0.38 | $0.03 | $0.03 | ($0.01) | $33.00 |
| EPS - Diluted | ($35.00) | $0.38 | $0.03 | $0.03 | ($0.01) | $33.00 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.35M | $6.85M | $10.20M | $5.63M | $8.33M | $10.56M |
| Accounts Receivable | $33.95M | $29.37M | $31.76M | $27.78M | $20.23M | $21.05M |
| Inventory | $54.01M | $51.36M | $42.22M | $41.19M | $33.19M | $28.19M |
| Accounts Payable | $17.42M | $14.16M | $11.34M | $16.07M | $9.82M | $10.84M |
| Current Assets | $105.80M | $97.16M | $90.20M | $78.99M | $66.52M | $64.50M |
| Total Assets | $216.91M | $220.45M | $178.28M | $168.43M | $159.54M | $137.70M |
| Current Liabilities | $37.33M | $29.29M | $23.73M | $28.91M | $18.92M | $18.71M |
| Long-term Debt | $45.53M | $51.50M | $23.62M | $19.31M | $18.86M | $0 |
| Total Liabilities | $86.78M | $86.26M | $52.85M | $52.03M | $41.80M | $20.78M |
| Stockholders' Equity | $130.00M | $134.00M | $125.33M | $116.28M | $117.62M | $116.80M |
| Retained Earnings | ($40.34M) | ($34.44M) | ($40.75M) | ($47.95M) | ($47.83M) | ($47.60M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.99M | $16.64M | $1.93M | ($1.26M) | $4.33M | $21.72M |
| Investing Cash Flow | ($3.87M) | ($49.95M) | ($2.55M) | ($1.68M) | ($26.33M) | ($2.98M) |
| Financing Cash Flow | ($4.68M) | $29.86M | $5.49M | $518.0K | $19.64M | ($15.69M) |
| CapEx | $3.87M | $1.93M | $2.55M | $1.68M | $2.81M | $3.10M |
| Free Cash Flow | $7.12M | $14.70M | ($623.0K) | ($2.94M) | $1.51M | $18.62M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 24.1% | 25.7% | 24.7% | 22.3% | 25.1% | 27.1% |
| Operating margin | -3.1% | 6.1% | 6.0% | 0.1% | 0.0% | 5.3% |
| EBITDA margin | -1.0% | 8.0% | 8.4% | 3.5% | 3.6% | 8.0% |
| Net margin | -3.1% | 3.8% | 4.5% | -0.1% | -0.2% | 4.9% |
| Free cash flow margin | 3.7% | 8.9% | -0.4% | -2.2% | 1.5% | 17.3% |
| FCF / Net income | -1.21 | 2.33 | -0.09 | 24.72 | -6.46 | 3.56 |
| R&D / Revenue | 5.4% | 5.0% | 4.7% | 5.4% | 6.9% | 5.5% |
| SG&A / Revenue | 15.4% | 14.6% | 14.0% | 16.8% | 18.1% | 16.3% |
| Effective tax rate | - | 23.1% | 21.3% | - | - | 24.4% |
| Return on assets | -2.7% | 2.9% | 4.0% | -0.1% | -0.1% | 3.8% |
| Return on equity | -4.5% | 4.7% | 5.7% | -0.1% | -0.2% | 4.5% |
| Return on invested capital | -2.7% | 4.1% | 5.0% | 0.1% | 0.0% | 3.7% |
| Liquidity | ||||||
| Current ratio | 2.83 | 3.32 | 3.80 | 2.73 | 3.52 | 3.45 |
| Quick ratio | 1.39 | 1.56 | 2.02 | 1.31 | 1.76 | 1.94 |
| Cash ratio | 0.25 | 0.23 | 0.43 | 0.19 | 0.44 | 0.56 |
| Leverage | ||||||
| Debt / Equity | 0.35 | 0.38 | 0.19 | 0.17 | 0.16 | 0.00 |
| Debt / Assets | 0.21 | 0.23 | 0.13 | 0.11 | 0.12 | 0.00 |
| Debt / EBITDA | - | 3.93 | 1.76 | 4.21 | 5.28 | 0.00 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.67 | 1.65 | 1.42 | 1.45 | 1.36 | 1.18 |
| Liabilities / Assets | 0.40 | 0.39 | 0.30 | 0.31 | 0.26 | 0.15 |
| Efficiency | ||||||
| Asset turnover | 0.88 | 0.75 | 0.89 | 0.78 | 0.62 | 0.78 |
| Inventory turnover | 2.69 | 2.38 | 2.83 | 2.49 | 2.22 | 2.79 |
| Days sales outstanding | 65d | 65d | 73d | 77d | 75d | 71d |
| Days inventory outstanding | 136d | 153d | 129d | 147d | 165d | 131d |
| Days payable outstanding | 44d | 42d | 35d | 57d | 49d | 50d |
| Cash conversion cycle | 157d | 176d | 167d | 166d | 191d | 152d |
| Valuation | ||||||
| P / E | - | 19.6x | 227.3x | 128.7x | - | 0.2x |
| P / B | 0.7x | 0.9x | 0.9x | 0.5x | 0.0x | 0.9x |
| P / S | 0.5x | 0.8x | 0.7x | 0.5x | 0.0x | 1.0x |
| EV / EBITDA | - | 13.0x | 9.3x | 16.5x | 3.0x | 10.8x |
| Growth | ||||||
| Revenue growth (YoY) | 16.2% | 3.7% | 20.3% | 34.2% | -8.8% | 0.9% |
| Revenue CAGR (3y) | 13.2% | 18.7% | 13.8% | 7.3% | 4.1% | 8.0% |
| Revenue CAGR (5y) | 12.2% | 9.0% | 12.7% | 9.0% | 3.6% | 7.1% |
| Gross profit growth (YoY) | 8.8% | 7.9% | 33.3% | 19.3% | -15.5% | -6.4% |
| Operating income growth (YoY) | - | 5.2% | 7245.0% | 268.6% | -99.4% | -22.6% |
| Net income growth (YoY) | - | -12.3% | - | 49.1% | - | 0.5% |
| EPS growth (YoY) | - | 1166.7% | 0.0% | - | - | 10212.5% |
| EPS CAGR (3y) | - | - | -90.3% | -54.6% | - | 309.7% |
| EPS CAGR (5y) | - | 3.5% | -54.5% | -42.6% | - | - |
| FCF growth (YoY) | -51.6% | - | 78.8% | - | -91.9% | - |
| FCF CAGR (5y) | -17.5% | - | - | - | -25.2% | 27.0% |
| Book value growth (YoY) | -3.0% | 6.9% | 7.8% | -1.1% | 0.7% | 6.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$191.16M totalBattery Energy Products Segment$178.04M · 93.1%
Communications Systems Segment$13.12M · 6.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.49
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Miscellaneous Electrical Machinery, Equipment & Supplies
Comparing ULTRALIFE CORP against the 5 most active filers in the same SIC group.